Foreclosures quicken in 2011 following record year

By Henry Unger

The Atlanta Journal-Constitution

2010 was a record year for foreclosure notices in metro Atlanta, but 2011 is off to an even quicker pace.

For the first two months of the year, notices in the 13-county region have increased 13 percent over the same period in 2010, according to Kennesaw-based Equity Depot.

“We just don’t see any changes coming soon,” Barry Bramlett, president of Equity Depot, said in an e-mail to The Atlanta Journal-Constitution.

“All the factors that cause a high rate still exist. The sluggish economy, unemployment, decreased property values, underwater borrowers and a depressed real estate market all contribute,” Bramlett said. “Any of these factors alone would create foreclosures. With all occurring simultaneously, it’s hard to foresee when this will turn around.”

This month, the number of foreclosure notices is up 7 percent compared with January, Equity Depot said. Notices for this month were up 5 percent over February 2010.

Foreclosure notices published this month are for auctions scheduled next month on county courthouse steps. It is possible for negotiations between owners and lenders to forestall some foreclosures after notices are published.

For the 10th straight month, Gwinnett County had the most foreclosure notices in the metro area, with 2,298. Fulton County was second, 1,945, followed by DeKalb County, 1,621, Cobb County, 1,192 and Clayton County, 956.